The Role of Data in Business
Data can represent everything, including any information, numbers, facts, and instructions which are helpful to understand an object or an entity that exists in a specified environment. In a business environment, data refer to any information covering production to consumption processes which act as archives or records and are beneficial for taking significant future actions to achieve greater business results, such as the efficiency of productivity or higher revenue. In other words, there are valuable findings that can be figured out from a set of data.
According to the World Economic Forum:
“to operate effectively and efficiently, economies need reliable, continuous, and affordable access to data.”
The existence of data can drive a company’s decision and concerns regarding planning and marketing. With the right set of data, companies can determine how to channel their products to be promoted to their target audience. This action will lead to cost efficiency as a marketing strategy. By targeting the exact market that is highly likely to consume the products offered, companies are able to promote directly, and the conversion rate of the marketing channel is more likely to increase.
Relevant data also allow companies to discover the market’s needs. Setting data in the most specific way is one way to understand the market. A use case that is closest to be applied to market products is product dispersion based on geographical levels. From one city to another, the company can measure the acceptance toward their products. By driving their product distribution to the highest receptivity, companies can expect higher revenue and income. Therefore, companies can also expect lower excess products that are stuck in stores and retailers.
Every company, in general, has a budget allocation for marketing and promotion. With this budget, companies will test the market in terms of product receptivity using the conversion measured from the marketing strategy. However, the downside of this method is that the audience is unknown. If only companies have advance insights about their market, they can allocate their budget to the right market for better targeting, which leads to better conversion and revenue.
Those use cases are applicable to the marketing budget allocation by brand companies and manufacturers. Meeting all those needs, the role of data in business is for better targeting, so the companies can channel their marketing cost in the most suitable way and expect better results of conversion and revenue in return.
Now the questions are: How can they acquire the data and what kind of data needed to achieve the desired results? The answer is a listing of business profiles. Specific business profiles cover business sectors, location, and value demand for a particular range of time. This specialized set of data are possible to obtain from business transactions. To enable data collection and pooling, Tokoin engages in business transactions in any online trading ecosystem.
Tokoin works by accumulating the business profiles that are registered and validated on Tokoin’s platform. Therefore, companies can be assured that the data compiled are accurate as the data providers are the participants of the ecosystem. On the ecosystem of data in Tokoin, companies are allowed to receive demand from their actual buyers. The transaction history done on Tokoin’s platform is also recorded to provide a market overview that is beneficial for businesses/companies to gain insights about product demand from their buyers.
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